Lately we’ve seen some new entrants of Buyer’s Agents into the market (which is a good thing for competition we think), but beware some of what we believe to be dodgy claims from some of them.
Claims like: “We’ll find you a property within 2-3 weeks of engagement.” Really? This may sound great to avoid months of inspections, dealing with often elusive sales agents and turning up at countless auctions to see it sell well above expectations. But in reality are you just being “sold” on the first property they can find so they can move onto the next client? Exclusive buyer’s agents with a decent reputation for finding good property for their clients won’t be in a rush to buy the first property they turn up (unless it happens to be great – but this is the exception, not the rule). Expect a full search to take 2-3 months on average to thoroughly do a good job of finding the right property at the right price.
Other claims relate to the money they can save you, off the listed price. That’s impossible to prove so it’s a baseless claim. If a property is priced at $800,000 and you get it for $775,000, have you saved $25,000 or was it overpriced to start with? If you pay $825,000, have you been done a disservice or been found the right place with good capital growth and investment yields?
As buyer’s agents, we both can and do get good deals for our clients. We do this by leveraging our relationships with listing and selling agents and being at the coal face of real estate every day. We live and breathe real estate but when we take on a new search, we ask for a reasonable period of time to enable us to do the best job possible for our clients. If we make claims about how much money we have saved you, we will back that up with comparable sales evidence. But bear in mind, if you are investing for the long term, it’s not always just about saving money but paying a fair price for a quality property.